Government Help Scheme for Becoming Self-employed

It makes sense for the Government to encourage people to become self-employed, especially during the current economic downturn. Not only are people creating a job for themselves when employment is hard to come by, but they are contributing their taxes instead of taking money out in benefits.

There is a lot of Government support available for people wishing to become self-employed, although, like so many things, you have to go out there and get it for yourself as it won’t come knocking at your door.

Make it Official

The first thing to note is that it is your responsibility to register as self-employed within three months of Starting Your Business, or you may be faced with a fine of £100. It is very easy – there is a HM Registry & Customs (HMRC) phone number to call and you just quote your National Insurance number. They’ll also send you a very handy information pack which is really worth reading.

For those looking for some extra support, the best place to start is your local Job Centre Plus office. They are not just for people signing on and looking for work, they are great at signposting you to the place that can help.

The Job Centre Resource

The Job Centre is also the place for up-to-date advice on what financial help you can get with becoming self-employed if you have been out of work for some time and claiming benefits. Job centre advisors will now conduct 16 week and 26 week reviews for unemployed people, with options discussed now including potential ideas for self-employment and Starting A Franchise. If this is appealing, you can then be pointed in the right direction for business advice, such as that available from Business Link, or the Prince's Trust for those from ages 18-30.

Other Help

Another option is the New Enterprise Allowance which, from April 2011, gives Jobseeker's Allowance customers access to business mentoring and a financial package worth around £2,000.

It is worth mentioning that in Wales there in an additional scheme called Flexible Support for Business which gives help, advice and possible grants to the newly self-employed.

For many of the schemes, grants and services provided by the Government, participants are given a great deal of support. Once you have accepted the help, you will find that there is a large amount of fabulous resources available that you are entitled to make the most of. After all, when your business is successful you’ll be paying taxes for a long time to come!

What About Freelance Work?

If you are considering using your skills to become a freelancer, follow our guide How To Get Into Freelancing to find out what are you best options.

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